Browsing: Angola

• Angola has become Africa Trade Insurance Agency’s (ATI) 21^st member state by paying $25 million in capital subscription fees. 
• ATI’s gross exposure in Angola currently stands at $467 million.
• The membership was funded the Angolan National Treasury and proceeds from the landmark BITA water project. 

Oil-rich Angola has become the 21st African member state joining pan-African insurer, Africa Trade Insurance Agency (ATI) after paying $25 million in subscription fees. The deal will also see Angola become first Lusophone member country in the underwriter.

ATI was established in 2001 by seven Comesa countries and with technical and financial backing of the World Bank. The agency’s core mandate is to provide insurance against political and commercial risks. This is considered necessary in order to attract foreign direct investments across member states. 

Luanda’s membership was funded by the Angolan National Treasury resources and proceeds from the landmark BITA water project. BITA …

In the last 20 years, Africa’s external debt has grown fivefold to about $700 billion. According to Chatham House, a policy centre in London, Chinese lenders account for about 12 per cent of that amount. As of November 2022, the International Monetary Fund (IMF) and the World Bank considered 22 low-income African countries to either be in debt distress or facing potential external debt distress.…

Angola is also rich in other minerals like iron ores, diamonds, gold, marble and phosphate deposits. The embassy of Angola’s economic outlook indicates that from the 1950s through 1975, iron ores were explored in provinces such as Malange, Bié, Huambo, and Huíla, and average output reached 5.7 million tonnes per year between 1970 and 1974.

The most explored minerals were exported to Japan, Germany, and the United Kingdom, earning Angola US$50 million a year.

Angola’s phosphate deposits are estimated at 150 million tonnes, located in the provinces of Cabinda and Záire. These resources have so far been unexplored. In Southeastern Angola in the provinces of Namibe and Huíla, marble, granite, and quartz reserves abound. Marble is especially consumed in the local market, while black granite is on demand and exported to United States and Japanese markets.…

The answer is in the law and the governance models that these countries approach. The way in which the governments of those countries approach the mining industry is imperative.

In South Africa, the natural resource curse is more pronounced in the sense that while the mining sector has made a few individuals fabulously wealthy, inequality in that country has meant that while the richest of the rich get richer, the poor get poorer.

How can governments approach the mining sector to ensure its development leads to broad-based and shared prosperity for all? The answer is the same. The answer is in the respective governments and the legal frameworks for the mining industries of those countries.…

The head of the Portuguese government was speaking in Maputo at a joint press conference with the President of the Republic of Mozambique, with whom he met as part of the 5th Luso-Mozambican Summit.

The Autorização de Residência para Actividades de Investimento – first introduced in 2012 and commonly known as the ‘Golden Visa’ – is a residence permit that provides qualifying non-EU / EEA / Swiss citizens and their families with full rights to live, work and study in Portugal.

According to The Portugal News, an alternative to the Golden Visa is the Portugal Passive Income Visa – also known as a D7 Visa – which provides residency status to non-EU / EEA / Swiss citizens, including retirees, who intend to relocate to Portugal and are in receipt of a reasonable and regular passive income. The D7 Visa is aimed at those who intend to live in Portugal, so …

De Beers also said the ship’s state-of-the-art dynamic positioning system optimizes its performance in changing weather conditions to minimize energy use. It also generates fresh water through its heat recovery systems and a reverse osmosis plant.

“The Benguela Gem is the first of its kind and represents an outstanding feat of engineering design, technology innovation, and sustainability performance,” said De Beers Group CEO Bruce Cleaver.

The vessel was designed and built in Europe, and the mission equipment was designed and built in Cape Town in large modules parallel to the vessel built in Europe. The mission equipment was then integrated into the vessel in Cape Town by De Beers Marine.

In terms of performance, according to an article by The Namibian dated July 29, 2022, South Africa, Botswana, and Canada all saw diamond production levels dipping at 4%, 4%, and 24%, respectively.…

• During the last three decades, Angola has established itself as a top-tier destination for big oil and gas companies.
• Natural gas is an essential intermediary in the energy transition, generating fewer emissions than petroleum and coal products.
• Angola’s regulator, the ANPG, aims to attract investment from sources other than the country’s traditional oil and gas producers.

While foreign oil firms steadily abandon African hydrocarbon resources and transfer capital spending to alternate energy sources, Africa is experiencing output reductions across significant assets. The fall in oil and gas output is primarily because Integrated Oil Companies (IOCs) are affected by lobbies urging them to withdraw from fossil fuels and invest in renewables.

Understanding the Decline in fossil fuel funding

Since loans are becoming more costly, it is becoming more difficult to borrow funds for investment in exploration, development, and production (E&P). Some financial firms are beginning to limit capital accessible for these …

The head of the Export Council for Engineering Industries, Sherif El Sayyad said that the highest hike in the sector’s history led the engineering industry’s exports to reach US$3 billion, compared to US$2.1 billion in the corresponding period in 2020.

The exports were distributed globally, with Europe accounting for 48 per cent (US$1.4 billion), Asia US$951 million, Africa $535 million, while South America and North America together contributed to a total of $77 million in exports.

Egypt’s engineering products have increased their exports to countries like the United Kingdom, Slovakia, France, Germany, Spain, the Czech Republic, Saudi Arabia, UAE, Iraq, Jordan, Kuwait and Lebanon. In Africa, Egypt’s engineering products importers include Morocco, Algeria, Libya, and Ghana. …

• Rwandan Nationals travelling to Angola will not be required to have visas after the two countries have signed a new agreement
• On Friday, April 15, 2022, Rwanda and Angola signed nine cooperation agreements in different sectors
• “The government of Rwanda is committed to cementing bilateral cooperation with the government of Angola and working together in addressing regional, continental and global challenges that affect our countries,”

Travelling to Angola from Rwanda has been made easy! Rwandan Nationals travelling to Angola will not be required to have visas after the two countries have signed a new agreement to facilitate such.

On Friday, April 15, 2022, Rwanda and Angola signed nine cooperation agreements in different sectors, including:

• Agriculture and livestock
• Local administration
• Health
• Mineral resources
• Oil and gas
• Trade and investment
• Double taxation avoidance
• Extradition 
• legal assistance and transfer of convicted persons.

The discussions took place in Kigali, Rwanda, with a high-level delegation …

• Angola has discovered demanded rare earth minerals for vehicles and wind-farms making
• Angola targets to become the largest diamond producer in the world by 2023
• Gold production is another section Angola eyes to explore

Angola is shaping the face of mining in Africa. It stands out as one of the continent’s most vibrant economies working towards diversifying its economy. As one of the leading energy producers on the continent, Angola has a unique potential for minerals mining as well.  Angola is widely known for its vibrant diamond mining operations that pump life into its economy. Angola Exploration Mining Resources, FERRANGOL, Petril Phosphates, Minbos Resources, ITM Mining, Lumanhe, ENDIAMA and Axactor are top miners propelling Angola mining sector to prosperity.

The current government of Angola is striving to observe robust policies and build a strong mining industry to overcome negative effects that may lead to an over-dependence on natural resources. …